Bearish environment drags rapeseed further down

Even if the harvest pressure in Canada continues to decline, this continues to put pressure on price developments on the ICE and the Matif. For the front month of November it went south by 8.25 euros/t to 411.50 euros/t. The most traded February contract showed a loss of 7 euros and a closing price of 430 euros/t on the Paris Stock Exchange display board. The downward trend of the past few days continues. On the trading days so far in October, the February date has lost 28.75 euros per ton. Fresh canola production estimates will be released this evening by the USDA. Most recently, the US Department of Agriculture rated the Canadian and European harvests higher than, for example, the EU Commission or the Canadian Statistics Authority. Australia is also likely to be looked forward to with excitement, as it is far too dry there at the moment. However, production there is already expected to be well below the result of the two record years 2023 and 2022. Falling prices in the soy complex, palm oil on the Malaysian stock exchange and crude oil are putting additional pressure on rapeseed.

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